TORONTO— Next Hydrogen Corporation (“Next Hydrogen” or the “Company”) is pleased to announce that it has closed its previously announced private placement equity financing.
The financing was oversubscribed and will allow the Company to execute on its business strategy in 2021 and support its plans to become a listed issuer on the TSX-V.
“We have spent the last 12 years fundamentally revolutionizing the cell design architecture of alkaline electrolysers, which has not changed in decades,” said Mr. Walter Howard, Executive Chairman. “Our patented design allows for higher current densities with the same proven materials used by our leading competitors. This provides us with good visibility on significantly reducing the cost of green hydrogen production at scale and providing a sustained cost advantage for our customers. This financing better positions us to drive wide-scale adoption of our green hydrogen solutions to decarbonize the very large transportation and industrial sectors.”
Mr. Raveel Afzaal, President & CEO added, “Next Hydrogen’s large intellectual property portfolio is developed by world class pioneers in the hydrogen sector. We are pleased to see that the green hydrogen market that we designed our products for is finally here almost a decade later. We appreciate the significant institutional interest in this private placement round, which built on our previous over-subscribed equity offering completed in September. Upon our anticipated TSX V listing, we believe we will be the only public and pure play green hydrogen generation company in Canada, and likely North America.”
“We see a bright future for Next Hydrogen, given our unique water electrolysis product offering, strong macro tailwinds, large addressable market, and increasing capital availability. We are looking forward to playing our part in helping drive a more sustainable future for our planet.”
About Next Hydrogen
Founded in 2007, Next Hydrogen’s innovative water electrolysis technology, with patented cell architecture, is designed to efficiently convert intermittent renewable electric power sources into clean hydrogen on an infrastructure scale.